Cyber for Plan Sponsors

What Exactly Is Cybersecurity?



We all have the general sense that cybercrime is a threat to our money, identities and businesses but, for the most part, we cross our fingers and hope it won’t interfere with our to do lists. Legal experts say it’s time to wake up, deepen our understanding of cybersecurity, and, act to put protections in place.


Preventing Unauthorized Use

Cybersecurity means more then just practicing good password hygiene and implementing multi-factor authentications. It’s also not just for big businesses—in fact, smaller businesses have a lot to worry about—and lose. As The National Law Review explains:


Cybersecurity is the practice of protecting networks, internet-connected devices, and data from unauthorized access and criminal use, and the practice of ensuring confidentiality, integrity, and availability of information over the life of this information. With the prolific use of devices and communications such as smartphones, laptops, tablets, and e-mail, and the related storage and transmission of sensitive information on and by these devices, the need to protect this information has become more critical than ever.


Cybercriminals consider small businesses, because of their size, perceived lack of sophistication, and lower investment in cybersecurity, to be particularly vulnerable. A single ransomware attack could have a severe impact on a small business. Therefore,  every business should consider implementing two measures: cybersecurity insurance and cybersecurity plans.


Cybersecurity Insurance?

These days, the owners of even the smallest of businesses or start ups are likely to have customer information on their phones, billing information on their laptops and so on. Whether we think we are in the tech business or not, we are. That’s why legal experts recommend cybersecurity insurance for “just about every business,” noting:


Any business, large or small, needs cybersecurity insurance if it stores sensitive information such as cell phone numbers, credit card information, driver license numbers, social security numbers, or health information. In other words, just about every business, from hospitals to financial institutions to law, accounting, and other professional firms, should have cybersecurity insurance. Indeed, many of these businesses are required to have policies and procedures relating to cyberattacks, including legal obligations to notify regulators, law enforcement officials, or both.


Cyber liability insurance helps businesses prevent cybersecurity incidents from spiraling into disasters. For example, Colonial Surety’s Cyber Liability Insurance provides breach response services, mitigating damage and ensuring that obligatory investigation and notification procedures are implemented. Protection against lawsuits and regulatory actions are also covered. To ensure that every business—even small ones—has help confronting the rise in cybercrime, Colonial now offers Basic Cyber Liability Insurance. With this, businesses can secure $50,000 of coverage for an annual fee of less then $175. Complete the easy, online application in minutes and immediately print or download the policy, which gives you:


  • Expert-led response services following a data breach.
  • Protection from lawsuits and regulatory actions related to the breach.
  • Legal services.
  • Computer forensic services.
  • Public relations and crisis management expenses.
  • Notification services.
  • Call Center services.
  • Credit and Identity monitoring and other personal fraud or loss prevention solutions.


Obtain Basic Cyber Liability Insurance Here In Minutes


Essential To Know: Company Sponsored Retirement Plan?

With cyber-enabled fraud and theft on the rise, litigation impacting company sponsored retirement plans is on the rise too. Federal courts are shaping what the American Bar Association refers to as the intersection of ERISA and cybersecurity. Essentially, based on the duty of prudence, cyber breaches are resulting in allegations of fiduciary breaches. That’s why Colonial Surety offers an affordable Fiduciary with Cyber Liability Insurance Pack to retirement plan sponsors. Armed with this coverage, if you face claims of alleged or actual breaches of duty in connection with the employee retirement plan, you’ll be covered for defense costs and penalty limits up to $1,000,000. Plus, uniquely with this package, in the event of a cyber breach, your business—and plan—will receive support at every stage of incident investigation and breach response, as well as coverage against lawsuits or regulatory actions related to the breach. Obtain protection, conveniently and quickly, right here, today


Fiduciary and Cyber Insurance for Retirement Plan Sponsors.


Colonial Surety was founded in 1930 and brings deep experience and market expertise to every product and every customer relationship. Colonial Surety gives its customers the assurance that they, their businesses, and their clients are safeguarded with the right surety and insurance products at all times.


We make it easy for a wide range of industries and professions to buy the bonds and insurance products they need. Colonial Surety is a direct and digital insurer offering products through an online platform supported with exemplary customer service. The company gives customers a simple, direct, and instant service that takes the pain out of buying insurance and bonds. Colonial Surety is licensed in every state in the U.S., rated “A” Excellent by A.M. Best, and listed by the U.S. Treasury as an approved surety.